Demand - Revision history

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	==Demand and labor==		==Demand and labor==
	Some economists claim that firm revenues depend on sales to consumers and therefore, in effect, [[consumer]]s provide the funds that businesses need to hire [[labor]] and other inputs. Such a train of thought may seem reasonable, were it not for another classical insight. [[John Stuart Mill]] realized that there was a "fundamental theorem" regarding capital which was often		Some economists claim that firm revenues depend on sales to consumers and therefore, in effect, [[consumer]]s provide the funds that businesses need to hire [[labor]] and other inputs. Such a train of thought may seem reasonable, were it not for another classical insight. [[John Stuart Mill]] realized that there was a "fundamental theorem" regarding capital which was often
	misunderstood even in his day.<ref name="Sechrest_demand">Larry J. Sechrest. [~~http~~://~~mises~~.org/journals/scholar/~~Sechrest4.pdf~~ "Capital, Credit Expansions, and the Subsistence Fund"] (pdf), referenced 2010-22-04.</ref>		misunderstood even in his day.<ref name="Sechrest_demand">Larry J. Sechrest. [https://freecapitalists.org/journals/scholar/sechrest4/ "Capital, Credit Expansions, and the Subsistence Fund"] (pdf), referenced 2010-22-04.</ref>

	<blockquote>What supports and employs productive labour, is the capital expended in setting it to work, and not the demand of purchasers for the produce of the labour when completed. Demand for commodities is not demand for labour. The demand for commodities determines in what particular branch of production the labour and capital shall be employed; it determines the ''direction'' of the labour; but not the more or less of the labour itself, or of the maintenance or payment of the labour. These depend on the amount of the capital, or other funds directly devoted to the sustenance and remuneration of labour.<ref name="Mill_labor">John Stuart Mill. [http://www.econlib.org/library/Mill/mlP5.html#Bk.I,Ch.V "Principles of Political Economy"] [1848], (emphasis in original), referenced 2010-22-04.</ref></blockquote>		<blockquote>What supports and employs productive labour, is the capital expended in setting it to work, and not the demand of purchasers for the produce of the labour when completed. Demand for commodities is not demand for labour. The demand for commodities determines in what particular branch of production the labour and capital shall be employed; it determines the ''direction'' of the labour; but not the more or less of the labour itself, or of the maintenance or payment of the labour. These depend on the amount of the capital, or other funds directly devoted to the sustenance and remuneration of labour.<ref name="Mill_labor">John Stuart Mill. [http://www.econlib.org/library/Mill/mlP5.html#Bk.I,Ch.V "Principles of Political Economy"] [1848], (emphasis in original), referenced 2010-22-04.</ref></blockquote>

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	* [[Wikipedia:Demand (economics)\|Demand]] on Wikipedia		* [[Wikipedia:Demand (economics)\|Demand]] on Wikipedia
	* [http://www.econlib.org/library/Enc/Demand.html Demand] by David R. Henderson		* [http://www.econlib.org/library/Enc/Demand.html Demand] by David R. Henderson
	* [~~http~~://mises.org/freemarket_detail.aspx?control=161 The Return of Supply Side] by Llewellyn H. Rockwell, Jr.		* [https://mises.freecapitalists.org/freemarket_detail.aspx?control=161 The Return of Supply Side] by Llewellyn H. Rockwell, Jr.
	* [~~http~~://mises.org/daily/3194 Consumers Don't Cause Recessions] by Robert P. Murphy, November 2008, about 'demand-side' economics		* [https://mises.freecapitalists.org/daily/3194 Consumers Don't Cause Recessions] by Robert P. Murphy, November 2008, about 'demand-side' economics

	[[Category:Economic concepts]]		[[Category:Economic concepts]]

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	==Demand and labor==		==Demand and labor==
	Some economists claim that firm revenues depend on sales to consumers and therefore, in effect, [[consumer]]s provide the funds that businesses need to hire [[labor]] and other inputs. Such a train of thought may seem reasonable, were it not for another classical insight. [[~~Wikipedia:John Stuart Mill\|~~John Stuart Mill]] realized that there was a "fundamental theorem" regarding capital which was often		Some economists claim that firm revenues depend on sales to consumers and therefore, in effect, [[consumer]]s provide the funds that businesses need to hire [[labor]] and other inputs. Such a train of thought may seem reasonable, were it not for another classical insight. [[John Stuart Mill]] realized that there was a "fundamental theorem" regarding capital which was often
	misunderstood even in his day.<ref name="Sechrest_demand">Larry J. Sechrest. [http://mises.org/journals/scholar/Sechrest4.pdf "Capital, Credit Expansions, and the Subsistence Fund"] (pdf), referenced 2010-22-04.</ref>		misunderstood even in his day.<ref name="Sechrest_demand">Larry J. Sechrest. [http://mises.org/journals/scholar/Sechrest4.pdf "Capital, Credit Expansions, and the Subsistence Fund"] (pdf), referenced 2010-22-04.</ref>

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Links: External Links to Links, replaced: ==External links== → ==Links==

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	{{Reflist}}		{{Reflist}}

	==~~External links~~==		==Links==
	* [[Wikipedia:Supply and demand\|Supply and demand]] on Wikipedia		* [[Wikipedia:Supply and demand\|Supply and demand]] on Wikipedia
	* [[Wikipedia:Demand (economics)\|Demand]] on Wikipedia		* [[Wikipedia:Demand (economics)\|Demand]] on Wikipedia

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	* [http://mises.org/freemarket_detail.aspx?control=161 The Return of Supply Side] by Llewellyn H. Rockwell, Jr.		* [http://mises.org/freemarket_detail.aspx?control=161 The Return of Supply Side] by Llewellyn H. Rockwell, Jr.
	* [http://mises.org/daily/3194 Consumers Don't Cause Recessions] by Robert P. Murphy, November 2008, about 'demand-side' economics		* [http://mises.org/daily/3194 Consumers Don't Cause Recessions] by Robert P. Murphy, November 2008, about 'demand-side' economics

			[[Category:Economic concepts]]

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	* [http://www.econlib.org/library/Enc/Demand.html Demand] by David R. Henderson		* [http://www.econlib.org/library/Enc/Demand.html Demand] by David R. Henderson
	* [http://mises.org/freemarket_detail.aspx?control=161 The Return of Supply Side] by Llewellyn H. Rockwell, Jr.		* [http://mises.org/freemarket_detail.aspx?control=161 The Return of Supply Side] by Llewellyn H. Rockwell, Jr.
			* [http://mises.org/daily/3194 Consumers Don't Cause Recessions] by Robert P. Murphy, November 2008, about 'demand-side' economics

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Pestergaines: Demand and labor.

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Demand and labor.

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	The amount of a [[good]] demanded for purchase at each [[price]] is called the '''demand'''.<ref name="Rothbard_supply">Murray N. Rothbard. [http://mises.org/rothbard/mes/chap2b.asp "Chapter 2 - Direct Exchange"], ''[[Man, Economy and State]]'', online version, referenced 2009-07-04.</ref>		The amount of a [[good]] demanded for purchase at each [[price]] is called the '''demand'''.<ref name="Rothbard_supply">Murray N. Rothbard. [http://mises.org/rothbard/mes/chap2b.asp "Chapter 2 - Direct Exchange"], ''[[Man, Economy and State]]'', online version, referenced 2009-07-04.</ref>

			==Demand and labor==
			Some economists claim that firm revenues depend on sales to consumers and therefore, in effect, [[consumer]]s provide the funds that businesses need to hire [[labor]] and other inputs. Such a train of thought may seem reasonable, were it not for another classical insight. [[Wikipedia:John Stuart Mill\|John Stuart Mill]] realized that there was a "fundamental theorem" regarding capital which was often
			misunderstood even in his day.<ref name="Sechrest_demand">Larry J. Sechrest. [http://mises.org/journals/scholar/Sechrest4.pdf "Capital, Credit Expansions, and the Subsistence Fund"] (pdf), referenced 2010-22-04.</ref>

			<blockquote>What supports and employs productive labour, is the capital expended in setting it to work, and not the demand of purchasers for the produce of the labour when completed. Demand for commodities is not demand for labour. The demand for commodities determines in what particular branch of production the labour and capital shall be employed; it determines the ''direction'' of the labour; but not the more or less of the labour itself, or of the maintenance or payment of the labour. These depend on the amount of the capital, or other funds directly devoted to the sustenance and remuneration of labour.<ref name="Mill_labor">John Stuart Mill. [http://www.econlib.org/library/Mill/mlP5.html#Bk.I,Ch.V "Principles of Political Economy"] [1848], (emphasis in original), referenced 2010-22-04.</ref></blockquote>

			From a macroeconomic perspective, the level of [[saving]] determines the level of total demand for, and thus the total employment of inputs. It sets an upper limit on sustainable [[production]]. From a microeconomic perspective, consumer demand for final goods determines the relative demand for inputs, and thus the pattern of employment of those inputs in the production of particular goods and services. At one level, capitalists and entrepreneurs steer the economy. At a different level, consumers (indirectly) steer the economy. Classical economists often emphasized the first; while Austrians frequently emphasize the second.<ref name="Sechrest_demand"/>

	==References==		==References==

Pestergaines: Created initial stub for Demand.

2009-07-03T23:26:47Z

Created initial stub for Demand.

New page

{{Stub}}

The amount of a [[good]] demanded for purchase at each [[price]] is called the '''demand'''.<ref name="Rothbard_supply">Murray N. Rothbard. [http://mises.org/rothbard/mes/chap2b.asp "Chapter 2 - Direct Exchange"], ''[[Man, Economy and State]]'', online version, referenced 2009-07-04.</ref>

==References==
{{Reflist}}

==External links==
* [[Wikipedia:Supply and demand|Supply and demand]] on Wikipedia
* [[Wikipedia:Demand (economics)|Demand]] on Wikipedia
* [http://www.econlib.org/library/Enc/Demand.html Demand] by David R. Henderson
* [http://mises.org/freemarket_detail.aspx?control=161 The Return of Supply Side] by Llewellyn H. Rockwell, Jr.